enRisky assets in Europe and the US: risk vulnerability, risk aversion and economic environmenthttps://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2270~9c72a27c18.en.pdf
European Central Bank Working Papers by Karim Bekhtiar, Pirmin Fessler and Peter LindnerRisky assets in Europe and the US: risk vulnerability, risk aversion and economic environment2019-04-01T00:07:00ZWe use cross-country microdata to analyse the risk taking of households in Europe and the US. Concerning the extensive as well as the intensive margin of risky assets, European households differ substantially from US households; but also inside Europe we document substantial differences. Furthermore, average risk aversion is strongly correlated with the share of households holding risky assets across countries. We decompose the observed differences into two parts. A part explainable by household characteristics as well as differences in risk aversion and a remainder. We employ the unexplained part resulting from our microeconometric decomposition analysis together with country-level variables on the economic environment to relate observed differences in risky asset holdings to institutional ones. We find that institutional differences such as shareholder protection are strongly correlated with the unexplainable differences with regard to holdings of risky assets.Risky assets in Europe and the US: risk vulnerability, risk aversion and economic environmentECBFull texthttps://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2270~9c72a27c18.en.pdfPeter LindnerKarim BekhtiarPirmin FesslerKarim Bekhtiar, Pirmin Fessler and Peter Lindner2019-04European Central Bank Working PapersD12D14D31G11International monetary policy spillovers through the bank funding channelhttps://www.oenb.at/dam/jcr:b2b3d032-bf77-41f7-af03-576002a4aac6/WP221.pdf
National Bank of the Republic of Austria Working Papers by Peter Lindner, Axel Loeffler, Esther Segalla, Guzel Valitova and Ursula VogelInternational monetary policy spillovers through the bank funding channel2018-05-22T00:00:21ZIn this paper, we examine the international transmission of monetary policies of major advanced economies (US, UK, euro area) through banks in Austria and Germany. In particular, we compare the role of banks&#39; funding structure, broken down by country of origin as well as by currency denomination, in the international transmission of monetary policy changes to bank lending. We find weak evidence for inward spillovers. The more a bank is funded in US dollars, the more its domestic real sector lending is affected by monetary policy changes in the US. This effect is more pronounced in Germany than in Austria. We do not find evidence for outward spillovers of euro area monetary policy through a bank funding channel.International monetary policy spillovers through the bank funding channelFull texthttps://www.oenb.at/dam/jcr:b2b3d032-bf77-41f7-af03-576002a4aac6/WP221.pdfPeter LindnerAxel LoefflerGuzel ValitovaUrsula VogelEsther SegallaPeter Lindner, Axel Loeffler, Esther Segalla, Guzel Valitova and Ursula Vogel2018-05-22National Bank of the Republic of Austria Working PapersE52F33G21International monetary policy spillovers through the bank funding channelhttps://www.econstor.eu/bitstream/10419/178680/1/1023097842.pdf
Deutsche Bundesbank Discussion Papers by Peter Lindner, Axel Loeffler, Esther Segalla, Guzel Valitova and Ursula VogelInternational monetary policy spillovers through the bank funding channel2018-01-01T00:00:13ZIn this paper, we examine the international transmission of monetary policies of major advanced economies (US, UK, euro area) through banks in Austria and Germany. In particular, we compare the role of banks&#39; funding structure, broken down by country of origin as well as by currency denomination, in the international transmission of monetary policy changes to bank lending. We find weak evidence for inward spillovers. The more a bank is funded in US dollars, the more its domestic real sector lending is affected by monetary policy changes in the US. This effect is more pronounced in Germany than in Austria. We do not find evidence for outward spillovers of euro area monetary policy through a bank funding channel.International monetary policy spillovers through the bank funding channelFull texthttps://www.econstor.eu/bitstream/10419/178680/1/1023097842.pdfPeter LindnerAxel LoefflerGuzel ValitovaUrsula VogelEsther SegallaPeter Lindner, Axel Loeffler, Esther Segalla, Guzel Valitova and Ursula Vogel2018Deutsche Bundesbank Discussion PapersE52F33G21How Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Surveyhttp://www.ijcb.org/journal/ijcb16q2a4.htm
IJCB International Journal of Central Banking by Luc Arrondel, Laura Bartiloro, Pirmin Fessler, Peter Lindner, Thomas Y. Math, Cristiana Rampazzi, Frdrique Savignac, Tobias Schmidt, Martin Schrz and Philip VermeulenHow Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Survey2016-06-01T12:39:00ZUsing the first wave of the Eurosystem Household Finance and Consumption Survey (HFCS), a large micro-level data set on households&#39; balance sheets in fifteen euro-area countries, this paper explores how households allocate their assets. We derive stylized facts on asset participation as well as the portfolio shares of asset holdings and investigate the systematic relationships between household characteristics and asset holding patterns. Real assets make up the bulk of total assets. Whereas ownership of the main residence varies strongly between countries, the value of the main residence tends to be the major asset for homeowners and represents a significant part of total assets in all countries. While almost all households hold safe financial assets, a low share of households holds risky assets. The ownership rates of all asset categories generally increase with wealth (and income). The significance of inheritances for homeownership and holding of other real estate is remarkable. We tentatively link differences in asset holding patterns across countries to differences in institutions.How Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption SurveyAbstracthttp://www.ijcb.org/journal/ijcb16q2a4.htmFull texthttp://www.ijcb.org/journal/ijcb16q2a4.pdfLaura BartiloroPeter LindnerCristiana RampazziTobias SchmidtFrdrique SavignacLuc ArrondelPhilip VermeulenMartin SchrzPirmin FesslerThomas Y. MathäLuc Arrondel, Laura Bartiloro, Pirmin Fessler, Peter Lindner, Thomas Y. Math, Cristiana Rampazzi, Frdrique Savignac, Tobias Schmidt, Martin Schrz and Philip Vermeulen2016-06IJCB International Journal of Central BankingD1D3How do households allocate their assets? Stylised facts from the Eurosystem Household Finance and Consumption Surveyhttps://www.banque-france.fr/uploads/tx_bdfdocumentstravail/DT-504_01.pdf
Bank of France Working Papers by Luc Arrondel, Laura Bartiloro, Pirmin Fessler, Peter Lindner , Thomas Y. Mathä, Cristiana Rampazzi, Frederique Savignac , Tobias Schmidt, Martin Schürz and Philip VermeulenHow do households allocate their assets? Stylised facts from the Eurosystem Household Finance and Consumption Survey2014-08-20T12:33:00ZUsing the first wave of the Eurosystem Household Finance and Consumption Survey (HFCS), a large micro-level dataset on households&#39; balance sheets in 15 euro area countries, this paper explores how households allocate their assets. We derive stylised facts on asset participation as well as levels of asset holdings and investigate the systematic relationships between household characteristics and asset holding patterns. Real assets make up the bulk of total assets. Whereas ownership of the main residence varies strongly between countries, the value of the main residence tends to be the major asset for homeowners and represents a significant part of total assets in all countries. While almost all households hold safe financial assets, a low share of households holds risky assets. The ownership rates of all asset categories generally increase with wealth (and income). The significance of inheritances for home ownership and holding of other real estate is remarkable. We tentatively link differences in asset holding patterns across countries to differences in institutions, such as mortgage market institutions and house price-to-rent ratios.How do households allocate their assets? Stylised facts from the Eurosystem Household Finance and Consumption SurveyAbstracthttps://www.banque-france.fr/en/economics-statistics/research/working-paper-series/document/504-1.htmlFull texthttps://www.banque-france.fr/uploads/tx_bdfdocumentstravail/DT-504_01.pdfPirmin FesslerLuc ArrondelCristiana RampazziTobias SchmidtPhilip VermeulenFrederique SavignacMartin SchürzPeter LindnerLaura BartiloroThomas Y. MathäLuc Arrondel, Laura Bartiloro, Pirmin Fessler, Peter Lindner , Thomas Y. Mathä, Cristiana Rampazzi, Frederique Savignac , Tobias Schmidt, Martin Schürz and Philip Vermeulen2014-08Bank of France Working PapersD1D3How do households allocate their assets? Stylised facts from the Eurosystem household finance and consumption surveyhttp://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1722.pdf
European Central Bank Working papers by Luc Arrondel, Laura Bartiloro, Pirmin Fessler, Peter Lindner, Thomas Y. Mathä, Cristiana Rampazzi, Frédérique Savignac, Tobias Schmidt, Martin Schürz, Philip VermeulenHow do households allocate their assets? Stylised facts from the Eurosystem household finance and consumption survey2014-08-20T12:33:00ZUsing the first wave of the Eurosystem Household Finance and Consumption Survey (HFCS), a large micro-level dataset on households balance sheets in 15 euro area countries, this paper explores how households allocate their assets. We derive stylised facts on asset participation as well as levels of asset holdings and investigate the systematic relationships between household characteristics and asset holding patterns. Real assets make up the bulk of total assets. Whereas ownership of the main residence varies strongly between countries, the value of the main residence tends to be the major asset for homeowners and represents a significant part of total assets in all countries. While almost all households hold safe financial assets, a low share of households holds risky assets. The ownership rates of all asset categories generally increase with wealth (and income). The significance of inheritances for home ownership and holding of other real estate is remarkable. We tentatively link differences in asset holding patterns across countries to differences in institutions, such as mortgage market institutions and house price-to-rent ratios.How do households allocate their assets? Stylised facts from the Eurosystem household finance and consumption surveyECBFull texthttp://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1722.pdfPirmin FesslerLuc ArrondelCristiana RampazziTobias SchmidtFrédérique SavignacPhilip VermeulenMartin SchürzPeter LindnerLaura BartiloroThomas Y. MathäLuc Arrondel, Laura Bartiloro, Pirmin Fessler, Peter Lindner, Thomas Y. Mathä, Cristiana Rampazzi, Frédérique Savignac, Tobias Schmidt, Martin Schürz, Philip Vermeulen2014-08-20European Central Bank Working PapersD1D3How do households allocate their assets? Stylized facts from the Eurosystem Household Finance and Consumption Surveyhttp://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2014/2014_07_18_dkp_12.pdf?__blob=publicationFile
Deutsche Bundesbank Discussion Papers by Luc Arrondel, Laura Bartiloro, Primin Fessler, Peter Lindner, Thomas Y Mathä, Cristiana Rampazzi, Frederique Savignac, Tobias Schmidt, Martin Schürz, Philip VermeulenHow do households allocate their assets? Stylized facts from the Eurosystem Household Finance and Consumption Survey2014-07-18T12:39:00ZUsing the Household Finance and Consumption Survey (HFCS), a large micro-level dataset on households&#39; wealth in fifteen euro area countries, this paper explores how households allocate their assets. We derive stylized facts on asset participation as well as levels of asset holdings and investigate the systematic relationships between household characteristics and asset holding patterns. Real assets make up the bulk of total assets. Whereas ownership of the main residence varies strongly between countries, the value of the main residence tends to be the major asset for home-owners and is a significant part of total assets in all countries. While almost all households hold safe financial assets, a low share of households holds risky assets. The
ownership rates of all asset categories generally increase with wealth (and income). The significance of inheritances for wealth accumulation is remarkable and underlines its key role in the process of persistent wealth inequality. We tentatively link differences in asset holding patterns across countries to differences in institutions, such as mortgage market institutions and house price-to-rent ratios.How do households allocate their assets? Stylized facts from the Eurosystem Household Finance and Consumption SurveyAbstracthttp://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2014/2014_07_18_dkp_12.pdf?__blob=publicationFileFull texthttp://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2014/2014_07_18_dkp_12.pdf?__blob=publicationFileLuc ArrondelCristiana RampazziTobias SchmidtPrimin FesslerPhilip VermeulenFrederique SavignacMartin SchürzPeter LindnerLaura BartiloroThomas Y. MathäLuc Arrondel, Laura Bartiloro, Primin Fessler, Peter Lindner, Thomas Y Mathä, Cristiana Rampazzi, Frederique Savignac, Tobias Schmidt, Martin Schürz, Philip Vermeulen2014-07-18Deutsche Bundesbank Discussion PapersD1D3Micro and macro data: a comparison of the Household Finance and Consumption Survey with financial accounts in Austriahttp://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1673.pdf
European Central Bank Working papers by Michael Andreasch, Peter LindnerMicro and macro data: a comparison of the Household Finance and Consumption Survey with financial accounts in Austria2014-05-13T12:31:59ZThis paper compares the survey results on savings deposits and estimates on total financial assets from the Household Finance and Consumption Survey (HFCS) in Austria with administrative records from the national accounts for the household sector. The micro data newly generated through the HFCS and the detailed (internally available) breakdowns of savings deposits in the existing macro data (Financial Accounts) lend themselves to a more in-depth analysis of the similarities and differences in these two sources than what has been done in the literature so far. Cross-checking the data shows that the HFCS-based aggregate estimates differ from the financial accounts data, which is line with evidence from the literature, but additionally the paper adds to the literature that the underlying patterns have been captured adequately by the survey at the micro level. Moreover, a simulation based on the HFCS data serves to demonstrate the effect that the inclusion of savings deposits in the most affluent tail of the distribution has on common statistics. Undercoverage above all of the upper deposit ranges suggests an underestimation or bias in the statistics. This underestimation, however, can be shown to be relatively minor, in particular in the case of robust statistical measures such as the median or percentile ratios.Micro and macro data: a comparison of the Household Finance and Consumption Survey with financial accounts in AustriaECBFull texthttp://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1673.pdfMichael AndreaschPeter LindnerMichael Andreasch, Peter Lindner2014-05-13European Central Bank Working PapersC80D30D31E01E21Net wealth across the euro area - why household structure matters and how to control for ithttp://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1663.pdf
European Central Bank Working papers by Pirmin Fessler, Peter Lindner, Esther SegallaNet wealth across the euro area - why household structure matters and how to control for it2014-04-01T12:31:59ZWe study the link between household structure and cross country differences in the wealth distribution using a recently compiled data set for the euro area (HFCS). We estimate counterfactual distributions using non-parametric re-weighting to examine the extent to which differences in the unconditional distributions of wealth across euro area countries can be explained by differences in household structure. We find that imposing a common household structure has strong effects on both the full unconditional distributions as well as its mappings to different inequality measures. For the median 50% of the differences are explained for Austria, 15% for Germany, 25% for Italy, 14% for Spain and 38% for Malta. For others as Belgium, France, Greece, Luxembourg, Portugal, Slovenia and Slovakia household structure masks the differences to the euro area median and Finland and the Netherlands change their position from below to above the euro area median. The impact on the mean and percentile ratios is similarly strong and varies with regard to direction and level across countries and their distributions. We can confirm the finding of Bover (2010) that the effect on the Gini is somewhat less pronounced, but might mask relevant information by being a net effect of different accumulated effects along the distribution. Country rankings based on almost all of these measures are severely affected alluding to the need for cautious interpretation when dealing with such rankings. Furthermore, the explanatory power of household structure changes along the net wealth distribution. Therefore we argue for more flexible controls for household structure. We provide such a set of controls to account for household type fixed effects which are based on the number of household members as well as possible combinations of age categories and gender.Net wealth across the euro area - why household structure matters and how to control for itECBFull texthttp://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1663.pdfPirmin FesslerEsther SegallaPeter LindnerPirmin Fessler, Peter Lindner, Esther Segalla2014-04-01European Central Bank Working Papers